View on RBI's Draft Guidelines for Licensing of Payments Banks & Small Banks - Muthoot Finance

Views of Mr George Alexander Muthoot MD, Muthoot Finance on RBI's Draft Guidelines for Licensing of Payments Banks & Small Banks

"There is a need for niche, differentiated banking in the country and we welcome the RBI decision to go ahead with setting up small banks and payment banks. Today what rural India needs are the basic banking services and RBI has rightly assessed this urgent need to bring the underserved and unbanked population in the bank net. This we believe is the right step in extending financial inclusion.

We also believe Muthoot Finance can play a larger role in this considering our reach in the rural hinterland with almost 60 per cent of our presence in the rural areas. Our board will meet to discuss this development in detail including the criteria laid down by the RBI. Muthoot Finance has always been at the forefront when it comes to financial inclusion and this is the right opportunity for us to make a difference."

Shares of MUTHOOT FINANCE LTD. was last trading in BSE at Rs.186.2 as compared to the previous close of Rs. 179.45. The total number of shares traded during the day was 1001968 in over 7393 trades.

The stock hit an intraday high of Rs. 195.4 and intraday low of 184.5. The net turnover during the day was Rs. 190976560.

Source : Equity Bulls

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